Product details

The minimum amount you require to open a new Bankwest online term deposit is $1,000, and you don’t have to pay any account keeping fees. The term of your deposit can vary from one month to 60 months, with a number of options in between.

What are the features of the Bankwest Online Term Deposit?

If you’re considering getting a Bankwest online term deposit, take some time to go through what it has to offer.

Minimum investment of $1,000

The minimum you can invest in this online term deposit is $1,000, so you can get on the savings bandwagon without requiring too much money. The maximum you can invest is $5,000,000 million.

A range of variable terms

The term you apply for should take into account how long you can comfortably stay without the money in question. You can choose from terms in between one and 12 months in monthly increments, or 24, 36, 48, and 60 months.

How often is my interest paid?

If you opt for a term of less than 12 months, your term deposit earns interest upon maturity. For terms of 12 months or more, you can choose to earn interest on a monthly, quarterly, bi-annual, or annual basis. In such a scenario, Bankwest requires that you earn interest at least once every year, and not just at maturity.

Your options when your term deposit matures

When you term deposit matures you get seven grace days to decide what course of action to take. While you can renew your term deposit easily, you can also withdraw the amount, in which case Bankwest transfers the money to your nominated account.

Interest rate not dependent on amount invested

While a number of financial institutions offer higher rates for higher amounts, this is not the case with Bankwest, where the interest rate your term deposit attracts does not depend on the amount you invest.

Term dependent interest rate

The interest rate depends on the term of the deposit. While longer terms traditionally offer better rates, with Bankwest online term deposits you should check carefully, because certain shorter terms offer better interest rates than longer terms.

$0 Account keeping fees

You don’t have to pay any setup or establishment fees, and you don’t have to pay any ongoing account keeping fees.

Easy application process

Unlike many financial institutions that require you to visit a physical branch to open a term deposit, Bankwest gives you the ability to apply for this term deposit online. The process does not take much time, and it’s even quicker if you’re an existing Bankwest customer and apply by logging into its online banking platform. You can compare other Bankwest banking products on our Bankwest page.

Pros

Cons

How do you apply for the Bankwest Online Term Deposit?

Applying for a Bankwest online term deposit is easy, and the online application does not take much time to complete.

Eligibility to apply online

To begin, simply click on the ‘Go to Site’ button, but make sure you meet the following eligibility criteria.

You are at least 12 years of age

You have at least $1,000 to invest

You have an Australian residential address

Documentation required for your online application

To apply, you have to provide Bankwest with different types of information, so keeping the following close at hand.

At least two forms of identification which can include your driver’s license, passport, Australian birth certificate, and Medicare card

Account number and BSB of bank account you wish to link with the term deposit, from where the funds will come initially and to where the funds go upon maturity

Tax file number (optional, provide this if you don’t wish to pay withholding tax)

What happens after my application is submitted?

Once you apply, the process to open the term deposit does not take long, and here’s what you can expect.

You receive a confirmation via email.

If Bankwest has all the required information, and is there is enough money in the nominated account, your term deposit opens immediately.

In case Bankwest requires you to complete an ID check you can do so online or by visiting any Bankwest branch or Australia Post Office. You find out about this requirement as soon as you apply.

If I have more than 5 million what is the most efficient way to invest?

Please note that finder.com.au is an online comparison service and is not in a position to recommend specific products, providers and services. If you’d like general advice on the Bankwest Online Term Deposit, please speak to Bankwest directly. If you would like financial advice on the best structure to invest your funds, please speak to your trusted financial planner.

I am looking at term deposits and preferable a 12 months period. However, I might need to withdraw a component at around 10 months. What are my best choices?

As finder.com.au is an online comparison service, we cannot recommend specific term deposit accounts. However, you may be interested to compare different short-term deposits.

Any special offers/conditions to students and card options?

There are no special offers or conditions to students, and there no card options as this is a term depots.

If we have an online fixed deposit for 24 months with the interest paid monthly, can the interest be paid into another usable account.

This is usually possible, but it depends on the bank. I’d recommend speaking to Bankwest first to see if they offer this feature.

What is the process and fees of setting up Term deposit and bank guarantee

You can start an application for this account by clicking the ‘find out more’ and ‘apply now’ buttons on this page. The bank guarantee automatically applies to balances of up to $250,000 per person per institution.

if my husband and I would need to already have an existing joint account (with any bank) in order to open a joint term deposit account?

You can open a joint term deposit with Bankwest, but the account which you use to bring funds across must be in both names.

Can you please tell me if money invested is backed by the government and if so to how much?

Bankwest deposits are covered by the Government Guarantee. This covers up to $250,000 per person, per institution.

Not an existing customer; at maturity of term deposit if total amount – P & I – is to be credited to another bank, do you charge any fee for the transfer?

Ask a Question

Do not enter personal information (eg. surname, phone number, bank
details) as your question will be made public

finder.com.au is a financial comparison and information service, not a bank or
product provider

We cannot provide you with personal advice or recommendations

Your answer might already be waiting – check previous questions
below to see if yours has already been asked

Your Question

Subscribe to our newsletter

Notify me of followup comments via e-mail.

Disclaimer: At finder.com.au we provide factual information and general advice. Before
you make any decision about a product read the Product Disclosure Statement and consider
your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy,
receive follow up emails related to finder.com.au and to create a user account where further
replies to your questions will be sent.

8 Responses to Bankwest Online Term Deposit

Unfortunately, the Bankwest Online Term Deposit is not available for SMSF’s. However, you may want to take a look at another Bankwest product that is open to SMSFs, called the Bankwest Gold Term Deposit.

Please note, we are a comparison website and are only authorised to provide general advice.

If you have the Bankwest Online Term Deposit account, you are given 7 days grace period once your deposit reaches maturity. During this period, you can choose to renew your term deposit or withdraw the amount. If you choose the latter, Bankwest will transfer the money to your nominated account.

Please note, we are an online comparison website and as such, provide general advice only.

Hi, I have a general Q regarding your high interest bearing term deposit accounts. Our company has just over $4M to deposit and we were wondering if (a) you could offer better interest rates for a new customer than what is listed on your website, and (b) is it possible to setup the interest bearing account such that it requires two parties to electronically approve a withdrawal? It might be easier to call me on the mobile if you need to discuss -
Regards, Neill

Get exclusive money‑saving offers and guides

Disclaimer -
Hive Empire Pty Ltd (trading as finder.com.au, ABN: 18 118 785 121) provides factual information, general advice and services on financial products as a Corporate Authorised Representative (432664) of Advice Evolution Pty Ltd AFSL 342880. Please refer to our FSG - Financial Products. We also provide general advice on credit products under our own Credit Licence ACL 385509. Please refer to our Credit Guide for more information. We can also provide you with general advice and factual information on about a range of other products, services and providers. We are also a Corporate Authorised Representative of Countrywide Tolstrup Financial Services Group Pty Ltd. ABN 51 586 953 292 AFSL 244436 for the provision of general insurance products. Please refer to our FSG - General Insurance. We hope that the information and general advice we can provide will help you make a more informed decision. We are not owned by any Bank or Insurer and we are not a product issuer or a credit provider. Although we cover a wide range of products, providers and services we don't cover every product, provider or service available in the market so there may be other options available to you. We also don't recommend specific products, services or providers. If you decide to apply for a product or service through our website you will be dealing directly with the provider of that product or service and not with us.
We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. If you are unsure you should get independent advice before you apply for any product or commit to any plan. (c) 2016.

Important information about this website

finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.

finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.

The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.

Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.

We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.

Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.

Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.

Please read our website terms of use for more information about our services and our approach to privacy.